EastNets wins banking technology award

Dubai, February 22, 2011

EastNets, a leading global provider of compliance and payments solutions, has won the 2011 Kinetic Process Innovation Award for excellence in the banking technology category.

Now in its 14th year, the awards programme recognizes excellence in information technology and this year is sponsored by High Tech Views, an online publication that spotlights technology innovation.

EastNets was selected by a panel of experts based on its en.SafeWatch Filtering solution for OFAC, PEP and SWIFT message screening, and en.Reporting solution for FIN/XML message monitoring being used at Bermuda Commercial Bank.

The business benefits included the solutions’ matching engine enabling rapid identification of anti-money laundering risks while limiting false positives, and direct SWIFT message screening and reporting, a statement said.

“The Kinetic Process Innovation Award not only recognizes outstanding technology and the creative implementation of that technology, but also acknowledges EastNets extensive awareness of critical compliance and transactional risks involved in banking today,” said Drew Barrows, deputy editor of High Tech Views.

"EastNets clearly takes an approach that focuses on the technical challenges at hand and demonstrates its strong commitment to protect the integrity and safety of the financial systems,” he added.

“The Kinetic Process Innovation Award is an excellent recognition that honors superior applications for their business effectiveness,” said Hazem Mulhim, CEO of EastNets.

“We are delighted to be receiving this award based on the benefits and value Bermuda Commercial Bank has derived from our anti-money laundering and SWIFT reporting solutions.”

EastNets en.Reporting solution enables SWIFT Alliance users to benefit from one central view to investigate, monitoring and report all their FIN and XML traffic within one environment, according to the statement. – TradeArabia News Service